DWS has introduced a sterling-denominated trading line for the Xtrackers MSCI Global Circular Economy UCITS ETF 1C (ISIN IE000Y6ZXZ48) on the London Stock Exchange.
Article created by the editorial staff of ETFWorld.co.uk
Simon Klein, Global Head of Xtrackers Sales at DWS
The new sterling listing lets UK investors trade the MSCI Global Circular Economy UCITS ETF in pounds. The fund tracks companies tied to UN Sustainable Development Goal 12.
The ETF carries a 0.35% total expense ratio and tracks the MSCI ACWI IMI SDG 12 Responsible Consumption and Production Select Index, which selects global companies contributing positively to UN Sustainable Development Goal 12. With the new line, UK investors can trade the fund in GBP on the LSE, alongside its existing USD line.
An additional currency line, not a new fund
The fund is already established. It was launched on 13 December 2022, is domiciled in Ireland, and has traded on Xetra since January 2023. It is also listed on Borsa Italiana, SIX Swiss Exchange and the London Stock Exchange, where the US dollar line trades under ticker XG12 (Bloomberg: XG12 LN).
According to the London Stock Exchange instrument page, the new sterling line has the following details:
Instrument name: X MSCI CIRC ECON 1C
Trading currency: GBP
SEDOL: BP83J86
Issue date: 22 October 2026
Market: Main Market, segment EUE2
Trading service: ETFS – Euroclear Bank settlement
The fund’s base currency remains the US dollar. Investors buying the sterling line therefore remain exposed to currency movements between the pound and the currencies of the underlying holdings.
Fund characteristics
ISIN: IE000Y6ZXZ48
Share class: 1C, accumulating
Fund and share class currency: USD
Total expense ratio: 0.35% per year
Replication: direct (physical)
Domicile: Ireland, sub-fund of Xtrackers (IE) plc
Management company: DWS Investment S.A.
Custodian: State Street Custodial Services (Ireland) Limited
SFDR classification: Article 8
UK Reporting Fund status: yes
As of 30 September 2026, DWS reports USD 8.02 million in total fund assets and 173,205 shares outstanding. The index had 186 constituents on the same date.
The fund was previously called the Xtrackers MSCI Global SDG 12 Circular Economy UCITS ETF. Some platforms and data providers continue to show the old name.
How the SDG 12 index is built
The MSCI ACWI IMI SDG 12 Responsible Consumption and Production Select Index is derived from the MSCI ACWI IMI Index, which covers large-, mid- and small-cap companies in developed and emerging markets.
SDG 12 is one of the 17 goals in the UN 2030 Agenda for Sustainable Development. It aims to ensure sustainable consumption and production patterns.
To qualify for the index, a company must be a constituent of the parent index and pass a series of ESG screens. These screens apply the exclusions set out in Article 12(1)(a) to (g) of Commission Delegated Regulation (EU) 2020/1818, the rules used for Paris-aligned Benchmarks.
The company must then satisfy one of two criteria:
SDG impact criterion: it must derive a minimum share of revenue from business activities aligned with SDG 12.
SDG thematic criterion: MSCI calculates a key issue management score to identify companies with stronger strategies than sector peers for protecting natural resources and managing waste.
Weighting, caps and rebalancing
Constituents are weighted by free float-adjusted market capitalisation, multiplied either by the percentage of revenue from SDG 12-aligned activities or by a relevance score. The two groups are then scaled to 75% and 25% of the index respectively.
Each issuer’s weight is capped at 4.5% at every quarterly rebalance. Between rebalancing dates, market movements can push individual weights above that level.
The index is reviewed semi-annually and rebalanced at least quarterly. It is administered by MSCI Limited and calculated daily in US dollars on a net total return basis, with dividends reinvested after tax.
Largest holdings
According to DWS, the ten largest positions at 30 September 2026 were:
| Company | Weight |
|---|---|
| Dell Technologies | 5.68% |
| Marvell Technology | 4.86% |
| Taiwan Semiconductor Manufacturing | 4.84% |
| Nvidia | 4.62% |
| Hewlett Packard Enterprise | 4.59% |
| Trane Technologies | 4.49% |
| Equinix | 4.29% |
| Siemens Energy | 3.66% |
| Digital Realty Trust | 3.13% |
| United Microelectronics | 3.02% |
These ten holdings together represent 43.18% of the portfolio. Hardware, semiconductor and data centre companies dominate the top ten, while Trane Technologies and Siemens Energy represent building climate systems and energy equipment.
The composition reflects index rules that reward revenue alignment and relevance to SDG 12 themes such as energy efficiency. As a result, the portfolio is concentrated in a limited number of sectors and differs significantly from a broad global equity index.
Within the wider Xtrackers range
The fund was launched alongside two other SDG-themed Xtrackers ETFs focused on SDG 9 (industry, innovation and infrastructure) and SDG 11 (sustainable cities and communities). All three were admitted to Xetra in January 2023 with a 0.35% TER.
According to DWS, Xtrackers managed approximately EUR 348 billion in UCITS assets as of 31 August 2026. The platform offers around 300 ETFs and ETCs listed on eleven exchanges.
Conclusion
The new sterling line gives UK investors a GBP trading option for the Xtrackers MSCI Global Circular Economy UCITS ETF, which previously traded in London only in US dollars. The fund and its index remain unchanged: global equities selected for their link to SDG 12, ESG exclusions aligned with Paris-aligned Benchmark rules, a 4.5% issuer cap and a 0.35% TER.
With around USD 8 million in assets at the end of September, the fund remains small.
| Product Name | Xtrackers MSCI Global Circular Economy UCITS ETF 1C |
| ISIN | IE000Y6ZXZ48 |
| SEDOL | BP83J86 |
| Currency | GBP |
| Management Fee | 0.35% |
| Benchmark | MSCI ACWI IMI SDG 12 Responsible Consumption and Production Select Index |
Source: ETFWorld.co.uk
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